2021 FASB Review (Item 30 and 30E)

  • Credits: 16
  • Format: Self-Study eBook
  • Field of Study: Accounting
  • Author/Speaker: Steven C. Fustolo, CPA
Course ID: Advanced Preparation: Experience Level:
SF-211 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© April 2021 Basic understanding of U.S. GAAP Self-Study eBook
COURSE DESCRIPTION

The purpose of this course is to inform the reader of the various changes affecting accounting and financial reporting, as well as a review and recall of existing accounting standards. Topics include a summary of newly issued FASB statements, current and pending developments, practice issues, a discussion of accounting and financial reporting issues related to COVID-19, the CARES Act, and PPP loans, and more.

TOPICS COVERED:

CHAPTER 1: Accounting and Financial Reporting for COVID-19, the CARES Act, and PPP Loans

CHAPTER 2: Implementing The New Lease Standard- 2021 ASU 2016-02: Leases (Topic 842) and Other Amendments

CHAPTER 3: Financial Instruments 2021: Implementing ASU 2016-13

CHAPTER 4: Current Developments: Accounting and Financial Reporting-2021

CHAPTER 5: Implementing the New Revenue Standard- ASC 606: 2021 Guidance for Private Companies

CHAPTER 6: ASU 2016-01: Financial Instruments- Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities

Learning Objectives:

After reading the course material, you will be able to:

  • Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules.
  • Identify the definition of the near term.
  • Recall the frequency in which an entity should test goodwill for impairment.
  • Recall the method for valuing certain types of inventory.
  • Recognize a key change made to GAAP by the new lease standard.
  • Identify a type of lease that exists for a lessee under ASU 2016-02.
  • Recall a type of lease for which the ASU 2016-02 rules do not apply.
  • Recognize some of the criteria that determine whether a contract is or is not a lease.
  • Recall a change made to the exemption for fair value disclosures concerning trade receivables and payables.
  • Identify the category of securities for which ASU 2016-01 retains the three categories under existing GAAP.
  • Recall one of the changes made by ASU 2016-01 to existing GAAP for financial instruments.
  • Recall how available-for-sale debt securities are measured on an entity’s balance sheet.
  • Recognize how an entity should account for a temporary impairment.
  • Recognize the model that ASU 2016-13 uses to deal with credit losses.

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA